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5 things you need to know today

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Published on: Wednesday, May 22, 2019

1. The Reserve Bank of Australia has signalled that interest rates will likely be cut next month. "A lower cash rate would support employment growth and bring forward the time when inflation is consistent with the target," RBA governor Philip Lowe said yesterday.

2. Penny Wong is expecteed to back Anthony Albanese's bid to become the next leader of the Labor party. At this stage, Albanese and Chris Bowen are the two candidates for the Labor leadership. 

3. Scott Morrison has confirmed that the Coalition's Low and Middle Income Tax Offset of up to $1,080 for people earning up to $90,000 will not be delayed even if parliament does not sit before the end of the financial year.

4. Theresa May has urged British MPs to back her 'new' Brexit deal, and said that they will be able to vote on whether another referendum takes place if the deal passes.

5. The Dow Jones closed 0.77% higher to 25,877.33, the S&P 500 rose 0.85% to 2,864.36 and the Nasdaq gained 1.08% to 7,785.72.


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